Azzuro Resources secures A$3.06 million strategic investment from Kerry Mining group

Azzuro Resources PLC (ASX: AZ9) told the Australian Securities Exchange on 14 October 2026 that it has signed a subscription agreement with Kerry Resources Logistics (Hong Kong) Limited, a member of the Kerry Mining group, to raise A$3,058,125 before costs through a strategic placement. The agreement was executed on 13 October.

Under the deal, the subscriber will take 203,875,000 CHESS Depositary Interests (CDIs), each representing a beneficial interest in one ordinary share, at A$0.015 per CDI. That price is a 7% premium to the last close of A$0.014 on 13 October and a 10% premium to the 15-day volume weighted average price of A$0.0136.

On completion the subscriber will hold about 19.9% of Azzuro's issued shares, based on 820,670,388 shares currently on issue and 1,024,545,388 after the placement, making it a substantial shareholder. The CDIs will be issued within the company's existing placement capacity under ASX Listing Rules 7.1 and 7.1A, so no shareholder approval is needed. The agreement has no conditions precedent, and completion is expected on 19 October 2026.

The subscriber may nominate one director to the board for as long as it holds a relevant interest of at least 15%, although it has said it will not make a nomination at this time. It has also agreed to a two-year standstill under which, except in agreed circumstances, it will not exceed 19.9% of the company's issued shares. Funds will go to exploration and evaluation of Azzuro's Mongolian tenements and to working capital.

Managing Director Gan-Ochir Zunduisuren called the investment "a transformational step for Azzuro", saying the money "fully funds our resource definition, metallurgical testwork and initial commercial study at Red Hill project". He added that Kerry brings "strong, locally rooted technical and operating expertise in western Mongolia". Tiffany Nip, the subscriber's authorised representative, said Kerry had followed Azzuro's progress in southwest Mongolia "for some time" and was impressed by the Oval discovery and the Red Hill copper-gold system.

According to the announcement, the Kerry Mining group belongs to the Hong Kong-based Kerry Group founded by Robert Kuok in 1974, whose other interests include Hong Kong-listed Kerry Properties Limited (683) and Shangri-La Asia Limited (69). Kerry Mining has been active in Mongolian resource exploration and development since the mid-to-late 2000s, including the Bayan Airag gold-copper project in Zavkhan province, which the company's map places about 160 km from the Oval and Red Hill projects.

The placement follows Azzuro's 1 October announcement of a new copper sulphide zone at Red Hill, where further assays and metallurgical testwork are pending.

Source: Azzuro Resources PLC ASX announcement "Azzuro Secures A$3.06 Million Strategic Investment" (14 October 2026) and the accompanying Appendix 3B. Cover: Figure 1 of the announcement (map source: Mongolia's Ministry of Industry and Mineral Resources).